“The Astros have presented Roy Oswalt with a trade proposal that would have him going to the Philadelphia Phillies, two people with knowledge of the situation have confirmed to the Chronicle.

Oswalt, 32, must be willing to waive his no-trade clause for the deal to materialize.

Oswalt, under contract through 2011 with a 2012 option, asked the Astros to consider trading him to a contender more than two months ago. From the beginning, Oswalt stated that he is seeking a deal that is mutually beneficial.

He has until 3 p.m. Saturday — Major League Baseball’s trade deadline — to make a decision.

The Astros and Phillies have been in talks regarding a major trade since last week.

It is believed the Astros stand to get at least three players — lefthander J.A. Happ and two prospects — in return for Oswalt. The Astros scouted Happ at least twice over the past 1½ weeks.

The Astros are also expected to pick up some of the money owed to Oswalt, currently some $22 million through 2011. ”